CEC International continues business diversification

CEC International Holdings Ltd. (00759.HK) will open its first wonton noodle house next month and another cafeteria in September, diversifying its business activities, the Hong Kong Economic Journal reported Wednesday, citing chairman Coils Lam Wai-chun.

The company, which operates 759 stores for sale of groceries and snacks, however has no immediate plans to run the catering business on a large scale, given the difficulties in hiring experienced kitchen staff, Lam said.

CEC has been diversifying its business portfolio over the past year. Income contribution from sales of snacks and groceries has dropped to 40 percent last year from 70 percent previously.

The company had earlier cut its target number of stores for the snacks and groceries division for end-2014 to 240, from a previous goal of 300. CEC made the decision as it believes it can achieve its development goal through the opening of fewer but larger stores, Lam said.

As of the end of April, the company had 192 outlets under the brand 759 Store, 58 more than in the previous year. It will install 50 to 60 counters in such stores for sales of cosmetics, and renovate stores of 300 to 500 square feet into cosmetic shops under the brand 759 KAWAILAND.

It is also planning to add seven mini-department stores this year, and launch in phases online channel to sell grains, household stuff and home electric appliances.

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